…As User Base Spurs to 1.9 Billion
Over the past six years, TikTok’s user base has grown five times to over 1.9 billion. With users, revenue, and downloads rising, TikTok has also become the world’s most valuable social media brand.
According to data presented by OnlyAccounts.io, TikTok’s brand value hit $65,7 billion in 2023, or nearly $7 billion more than the social media giant Facebook and $18 billion more than Instagram.
Brand Finance analyzes 5 000 of the world’s biggest brands across all sectors and countries each year and ranks them in the annual Brand Finance Media 50 ranking.
Last year, TikTok was the third largest social media brand in the world, behind Facebook and WeChat, worth $59,8 billion.
However, after its brand value increased 11% year-over-year to $65,7 billion, the Chinese short-form video platform jumped two spots and became the most valuable social media brand globally.
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While TikTok’s brand value continued rising, the world’s largest social media platform, Facebook, saw its valuation drop 41% year-over-year.
According to Brand Finance data, Facebook’s brand is now worth $58,9 billion, or $6,8 billion less than TikTok. Chinese social media app WeChat ranked third on this list, with a valuation of $50,2 billion, almost 20% less than last year.
Three spots below TikTok, Instagram ranked as the fourth largest social media brand, worth $47,4 billion in 2023. YouTube and LinkedIn follow, with $29,7 billion and $15,5 billion, respectively. The Brand Finance survey also showed Twitter’s brand value has plunged 32% since Musk’s takeover and now stands at only $5,5 billion.
Besides outgrowing much bigger competitors like Facebook, TikTok also won the title of the fastest-growing media brand out there. In just three years, the brand value of the video-sharing app has surged by an impressive 250%.